Vattenfall (VF) Investor presentation summary

Business profile

• One of Europe’s largest electricity and heat producers and retailers, with 7.4 million electricity customers, 0.5 million heat customers, 1.0 million electricity-grid customers and 2.4 million gas customers.

• 2025 generation included 40.2 TWh from nuclear and 37.3 TWh from hydro; operated wind capacity generated 17.3 TWh.

• Integrated activities span generation, flexibility, distribution, sales, services, optimisation and trading; operations cover Sweden, Germany, the Netherlands, Denmark and the UK.

• 100% owned by the Swedish state; 20,869 employees and long-term credit ratings of BBB+ stable from S&P and A3 stable from Moody’s.

Strategy and decarbonisation

• Strategy anticipates renewed growth in demand for fossil-free electricity and rising need for flexible assets and demand-side flexibility as intermittent generation expands.

• 2030 targets include customer NPS +20, TRIF+ below 2.0, employee engagement index 86, female manager ratio 40%, FFO/adjusted net debt at least 25% and ROCE at least 8%.

• Emissions fell 56% from 52.9 Mt CO₂e in 2017 to 23.2 Mt in 2025; targets are below 5 Mt by 2030 and net zero by 2040.

• Emissions-reduction measures include phasing out fossil fuels, sourcing fossil-free electricity for customers, using biogas and heat pumps, and partnering on lower-emission steel and concrete.

Investment and growth projects

• 2026–2030 net capex is SEK 165bn, including SEK 92bn growth capex; wind power receives SEK 62bn and electricity distribution SEK 47bn.

• Nordlicht I and II form a 1.6 GW offshore wind cluster expected to produce up to 6 TWh annually; Nordlicht I construction began in July 2026, with operations expected in 2028.

• Zeevonk phase 1 targets 1 GW offshore wind and 6 MW floating solar by 2029; phase 2 targets another 1 GW offshore wind and more than 500 MW of system integration by 2032.

• Danish CfD awards cover North Sea Central at €68/MWh and Hesselø at €73/MWh, indexed for 20 years; combined project volumes are expected to support procurement leverage.

• The Videberg nuclear roadmap includes site development, supplier selection and a financial risk-sharing agreement, followed by FEED, permit applications and EU state-aid approval.